There are many factors that influence a vessel's risk rating - each of which is comprised of multiple, interrelated factors (so yes, it's complicated!).
The principal risk factors are summarised into 9 risk groups that are not considered in isolation, but rather interact with each other differently for each individual vessel prediction. These are:
1. Regulator risk - models the interaction between a vessel's Classification Society & Flag State
2. Casualties risk - casualty performance of the vessel in recent years
3. PSC performance - performance of the vessel at recent PSC inspections
4. Builder risk - average casualties in the early life of vessels from each yard
5. Size - model context regarding a vessel's size
6. Age - age of vessel in years
7. Type - model context regarding a vessel's type
8. DOC PSC performance - average performance at PSC inspections for vessels sharing the same DOC Manager
9. Continuity risk - considers the continuity of standards & systems across DOC Holders, Flag States & Classification Societies
Up to six - and as few as three - of the risk factors that have the greatest bearing on an individual vessel's rating will be displayed in the rating visualisation chart. This can be accessed through the 'reports' tab (top right of screen), by then selecting 'rating visualisation' from the drop-down menu. This process is outlined below.
Accessing the Rating Visualisation
- Click on 'MORE'
2. Select 'Rating Visualisation' from the drop down menu
Outside of the predictive model, additional factors which can have a positive impact on the risk rating include Green Award certification & a RightShip dry inspection.